Estate Planning Checklist

I’ve got an estate planning checklist for you today.

Hi, I’m Gary DeWitt, Estate Planning Attorney in Northwest Arkansas.

Before you create your estate plan, you should gather up everything on this estate planning checklist.

Start with your basic biography.  Full legal name, marriage status, date of birth, address, phone, employer, military status.  If you served in the military, list if you have your DD-214.  Also important is your military disabilities and status.

First, get your most recent statements from all your retirement accounts. This includes 401(k)’s, pension plans, IRAs, and any other retirement accounts.

Next, list out all your cash accounts.  Your cash accounts are your checking, savings, money market and CDs.  Also, get statements from all your investment accounts.

If you are going to get an inheritance, list it and an approximation of how much.  The same for money owed you and anticipated lawsuit settlements.

List out all your real estate.

Write down all your employee benefits such as life, health, disability, AD&D, etc.

If you have life insurance outside of work, the estate planner needs to know.

A list of all your children, their ages, birthdates, and disabilities if any.  It is important to write down if they are receiving any government benefits.

If you can’t remember all of this, you can come visit and we will give you a written checklist.

You are invited to call with questions or to get my free book, “Secrets of Excellent Estate Planning”. The book is also available on my website.

I will show you how to bulletproof what you have today, and what you leave your kids tomorrow.  You’ll be able to take advantage of my estate planning legal strategies without you or your loved ones having to deal with Probate Courts, long estate settlement delays, and death tax.

The post Estate Planning Checklist appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC http://ift.tt/2qyWnaq


from DeWitt Law Firm, PLLC

Estate Planning Definition

Estate planning is a legal term that is misunderstood by many people.  Here is my estate planning definition.

 

Hi, I’m Gary DeWitt, Estate Planning Attorney in Northwest Arkansas.

First, you need to understand what “estate” means in law.  Estate is not a big house with servants and acres of finely manicured lawns.  Basically, estate means a collection of stuff.

Everybody has an estate.  Even if it just the clothes you wear, that is your estate.  In law, you can have several estates…  You can have your probate estate, which is separate from your non-probate estate.  Remember, an estate is just a collection of stuff.

So, the term “estate planning” really means planning what you want to do with your stuff during your lifetime and beyond.  I want to make sure you understand that a major part of estate planning is about protecting your stuff during your lifetime.

But, modern estate planning includes more than just protecting your hard-earned money and other property.  Modern estate planning includes your legal, financial, and healthcare decisions.  You protect your legal and financial choices with a Durable Power of Attorney.  You protect your healthcare with a Durable Healthcare Power of Attorney and Medical Information Waiver.

You are invited to call with questions or to get my free book, “Secrets of Excellent Estate Planning”.

I will show you how to bulletproof what you have today, and what you leave your kids tomorrow.  You’ll be able to take advantage of my estate planning legal strategies without you or your loved ones having to deal with Probate Courts, long estate settlement delays, and death tax.

The post Estate Planning Definition appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC http://ift.tt/2rjaPR8


from DeWitt Law Firm, PLLC

12 Benefits to Professional Estate Planning

In no particular order:

1. Don’t waste your hard earned money on an off-the-shelf, fill-in-the-blanks document that fails to address your particular needs.
2. Ensures that your documents are valid and enforceable.
3. Things that could go wrong anticipated and addressed, to the extent reasonably possible.
4. Avoids uncertainty; family fights; unfairness. Things will go smoothly and be easy for your surviving family.
5. Avoid the unexpected – Things that could go wrong anticipated and addressed, to the extent reasonably possible.
6. Your assets will pass to your intended recipients when you want, how you want.
7. Avoids unintended consequences that you may not have considered and would not like to see,
8. Avoids potentially devastating loss of wealth due to cash flow problems after your death.
9. Avoids guardianship (in most cases), saving you additional attorney fees; premiums for posting bond; delays of 30 days or more when you become incapacitated; ongoing attorney fees and time spent by your guardian in filing reports, petitions, and accountings with the Court.
10. Provides asset protection for your spouse, disabled child, caregiver child, or other loved ones if you need nursing care and apply for Medicaid.
11. Plan for any kind of incapacity. Life is unpredictable. If you should ever become mentally or physically incapacitated, an estate plan will outline your wishes regarding life and who will make medical decisions on your behalf.
12. Ease the burdens of your family. It can be difficult to plan the funeral of a loved one when grieving. When working on your estate plan, you can outline your wishes for funeral arrangements and even set aside funds for them. This takes some of the burden off your family during this difficult time.

The post 12 Benefits to Professional Estate Planning appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC http://ift.tt/2qpxrlP


from DeWitt Law Firm, PLLC

5 Reasons to Plan Starting Today

Because You Deserve the Peace of Mind

I know it is an overused cliche, but almost everybody that goes through the Estate Planning process says either “peace of mind,” “that’s a load off, ” “I can rest easier”, or something along those lines.

Estate Planning leads to peace of mind for a myriad of reasons.  I think the number one reason is because everybody knows they need to plan ahead and knows they need to minimize hassles and headaches for their family.

Proper Planning Prevent Probate

Proper Planning Prevents Probate.  Probate is a term that strikes fear in the heart of most.  That is probably because people know that it involves lawyers and judges as well as being mired down in the legal system for a year or more.

With proper planning including, but not limited to, a Last Will and Testament, Beneficiary Deeds, POD, TOD, and Revocable Living Trusts, you can avoid Probate altogether.

Probate is a public process (more on that in a minute).

Protect Your Children

Proper Planning Protects Children from themselves, creditors, and financial predators.  Using a Revocable Living Trust, you can protect children from spending the money on useless stuff.  You can stop creditors from taking all of the money.  You can make sure you children with addictions have a place to stay, but not money to feed the addiction.

Your children with special needs will be thankful they have a pot of money to supplement their benefits.

Maintain Your Privacy

Probate is Public.  Guardianships are Public.

Both are public proceedings in court.  Both have the records available for public view.

People can easily find out how much you are worth, who is getting it, and who is taking care of you.

Protect You and Your Assets Starting Now

Proper Planning Protects You and Your Family!

The combination of Durable Powers of Attorney, Healthcare Powers of Attorney, and a Revocable Living Trust makes sure that your assets are managed as you wish.  But, if you don’t have them, you don’t get the benefits.

 

The post 5 Reasons to Plan Starting Today appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC http://ift.tt/2qNsikh


from DeWitt Law Firm, PLLC

Case Study

Client’s Immediate Need –

Client recently lost his wife and needed a plan that would protect and take care of his children in the future. His greatest concern was who would carry the responsibility of caring and raising his children should he unexpectedly pass away. This is a common concern for many parents, but especially widow / widowers of under aged children.

More than a Trust….

Although Client’s initial request was a trust-based plan, Gary Dewitt offered solutions specific to Client’s individual needs.  Gary’s comprehensive plan included a trust, durable power of attorney, healthcare power of attorney, HIPAA Waiver and a Living Will. With a customized plan, Client was able to protect his assets while ensuring the children would have access to funds, as needed.

Are all trusts the same?

Through Gary’s counsel, the trust included parameters to ensure college funds were spent on college-related needs such as, education, room & board – all directly to the institution and/or landlord.  For peace of mind and assurance, Gary encouraged advanced planning of college education and living arrangement.

Another satisfied client!

DeWitt Law Firm gained a satisfied and relieved client. Client had perceived knowledge and expectations for a trust to protect his children and assets. By asking the right questions and learning Client’s priorities, Gary provided immeasurable value by safeguarding client’s children and their financial interests.

The post Case Study appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC http://ift.tt/2qjsEAt


from DeWitt Law Firm, PLLC

How to Spend Too Much Money

How Spending $595.97 For a Cheap, Online Estate Plan Cost Joe’s Family More Than $4,385 And Almost Tore Them Apart

 

Online vs. Local:  Which Really Has the Best Value?

Joe got a local price on an estate plan, then after pricing around, decided he could do it online much cheaper and just as good.  So, Joe made an account on Speedy Legal Online, Inc.  He answered all the questions, printed out all the documents, filled out them out, and then signed them.  Since Joe didn’t have easy access to witnesses and a notary, he just got family to go with him to the bank to witness everything.

Then, a few years later, at the young age of 42, he had an unexpected, and debilitating stroke following a car accident.  Because of the stroke, his wife Wilma needed to take care of business and personal matters for him.

Wilma’s first business was to go to Joe’s employer and make a medical emergency withdrawal from his 401(k) to cover the medical expenses and cost of living.  But, Joe’s employer wouldn’t allow Wilma to even talk to them because his Durable Power of Attorney wasn’t filled out right.  Where he was supposed to initial, he had made check marks, invalidating the document.  Also, the employer wasn’t sure that the Durable Power of Attorney gave the right to make withdrawals from retirement accounts.

Joe’s Durable Medical Power of Attorney had been signed by witnesses related by blood who were also mentioned in his Last Will and Testament.  Doctors were reluctant to talk to his wife because of the questionable witnesses.

So, Wilma consulted with a local attorney.  What she heard shocked her.  Because the Durable Power of Attorney was not done right, it was mostly invalid.  Also, Wilma was floored when she found out the only thing she could do was pursue a guardianship over Joe in court since he was not currently competent to sign.

So, she handed over $1,800 (and a $185 filing fee) to the attorney to do what was supposed to be an uncontested guardianship.  However, Joe’s mother decided she should be the guardian over him and jumped into the proceeding, making it a contested guardianship.  Wilma had to pay another $2,400 in court costs to get the guardianship done.  $4,385 gone. $4,385 that they could not afford at the time.

The rift between Wilma and Joe’s mother would probably never be fully healed.  Not to mention the effect all the fighting had on Joe’s children, Wilma, and Joe’s mother.

The guardianship was limited in power, but Wilma could get the money the family desperately needed and work with the doctor’s treating Joe.

A full estate plan for a couple, including a Trust, Wills, Durable Powers of Attorney, Healthcare Powers of Attorney, Living Wills, and more would have cost Joe $3,000 to have done right the first time!

Joe realizes now that trying to save money up front can cost a lot of money and anguish later.  He knows that he should have engaged a local attorney that does estate planning every day to draw up his plan.

After Joe recovered, that is exactly what he did.  He found a local attorney that did estate planning every day and had his plan drawn up.  He knows now that everything was done correctly and he can rest easy knowing he has done everything for himself and his family that he can.  His financial house has been put in order.

The post How to Spend Too Much Money appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC http://ift.tt/2rh0oMD


from DeWitt Law Firm, PLLC